Remittances

The creator of the Zelle precursor clearXchange is heading a company building a blockchain-based international payment technology for banks.

The CFPB ordered Texas money transmitter Maxi to pay a $500,000 fine for allegedly deceiving consumers by saying the company is not responsible for errors made by agents.

The number of transactions to send money across borders has risen for 36 consecutive months, but this could eventually slow.

Pangea says it is developing a digital account after customers complained that the bank relationship they had wasn't "for them."

Digital payments can make payroll for workers in industries like cruise ships less costly, and less dangerous than traditional cash-based methods, writes Hal Ramakers, vice president of global solutions for Brightwell.

The rule requires disclosure of exact fees but institutions can estimate pricing under an exception that will expire in 2020. The CFPB is seeking comment to prepare for that deadline.

The tech company has taken World Wire, its blockchain-based cross-border payments network, live in 72 countries.

The mobile revolution is turning Western Union into a very different company, one that must adjust to new ways to pay while pouring substantial resources into fending off the threat of e-commerce.

The slow U.S. adoption of real-time payments hurts half of Americans who live paycheck to paycheck, says Aaron Klein, a fellow at the Brookings Institution.

ACI’s $750 million deal to acquire Western Union’s Speedpay allows Western Union to clear its decks while ACI clears its runway.

India’s ICICI Bank is rolling out a loyalty program for consumers who regularly send remittances to India via the bank’s Money2India online platform and app.

Despite controversy surrounding Ripple’s digital token, one bank is pushing forward to use it in cross-border payments.

Cross-border payment startups like TransferWise and Xoom achieved rapid market growth by enabling consumers in emerging markets to receive funds via mobile wallets, cutting out intermediaries. Now legacy remittance giants Western Union and MoneyGram are improving their own resources to send funds directly to recipients' mobile wallets.

Ripple's cross-border payments engine is gaining share in India, where it's partnering with Currencies Direct to deliver real-time remittances through Ripple's xCurrent payment protocol.

A 10-year exemption for banks offering estimated fees and exchange rates under the rule, instead of exact amounts, is set to expire in 2020. Lawmakers should consider a temporary extension.

A 10-year exemption for banks offering estimated fees and exchange rates under the rule, instead of exact amounts, is set to expire in 2020. Lawmakers should consider a temporary extension.

Before the rule was issued, banks and money transfer companies acknowledged that better disclosures and other steps were necessary in light of higher costs for international money transfers.

The DirectRemit service will enable the large British population in the UAE to send funds to family members' Lloyds Bank accounts in less than 60 seconds and to other U.K.-based banks within an hour.

These money transfers offer many transformative benefits, such as lifting recipient families out of poverty, improving health and nutrition conditions, increasing education opportunities and promoting entrepreneurship, says Raj Agrawal, CFO of Western Union.

The future of blockchain is still unclear, but what is clear is that it is set to improve the aviation industry as a whole. And those who are the early adopters will have the greatest opportunity to influence the changes it will bring, writes Gediminas Ziemelis, chairman of the board of Avia Solutions Group.